I now officially feel like a parent. I have filled out and submitted the application for Lauren's college tuition savings plan. It's the kind where you freeze this year's tuition rates, basically using the next 15 years to pay for what college would cost if she started this year. Then, when she goes in 18 years, they pay her tuition and other mandatory fees no matter what they actually cost.
It'll never be cheaper than it is right now, so I figured I'd better sign her up.
Yikes.
In other news, I'm getting my new TV room furniture tomorrow. Yay!
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20 comments:
OMH, you are organized aren't you? Good for you though. Great idea to plan ahead.
*whispers to everyone else, OMH is Frodis anal or what?*
:-)
Yay for new furniture!!!
Wow, you impress me!
*giggles at Nookie*
I just realized, that's the year I'm supposed to retire. If your DD decides not to go to college, can I have her funds? :-)
Michael has been looking into this but has not pulled the trigger yet. I think we were trying to wait until his mother's estate is settled to see if we can do the lump sum.
It's funny, but probably as soon as I pay all of mine off, I'll start saving for Conner's.
It's funny, but probably as soon as I pay all of mine off, I'll start saving for Conner's.
That's a great plan! Good for you!
Oooh, I can't wait to see the new furniture. Have fun breaking it in. Hubba Hubba.
Wow. That's a great plan! I have a RESP for my kids, but we just put money into an account every month, which matched by the government. We have a tidy little sum in there already.
Anyway, good for you for getting it done now. You're right: tuition isn't going to be cheaper in 18 years.
*sigh* I think I'm still too old school or something. My parents didn't help me or my sister with tution or books. We had to get ourselves thru college, which I think is part of the growing up and becoming a responsible adult. That is supposed to happen when you go away to college (granted it doesn't happen for everyone).
Am I total ogre for thinking this way? I think DD should have to pay her own way thru college. I will co-sign on a tuition loan if she needs a cosigner, but that would be about it.
Breezy, I think I understand where you're coming from. For me, I don't think we "owe" it to our children to pay for their college. But for some, depending on how badly they want/need their child to go, they might feel safer knowing they can pay, in case the child opted not to pay for it themselves. I guess I'm saying I think some parents would rather pay for it than take the chance that their child won't. KWIM?
I think it's great to start saving for college this early.
Breezy, I understand where you're coming from. I paid my own way through college - had to scrape and claw for every penny, and yes, I appreciated it way more because of that.
We are paying for our girl's college though. What I've heard some parents do is pay for the first three years, then require their child to pay for the last year and for anything beyond that. I would like to adopt this approach for my kids.
Breezy, I understand where you're coming from, too. In fact, Mr. Fro and I had a discussion about whether we should even do this.
We decided that we feel better putting away the money for it and being financially prepared. We will use other opportunities to teach her to be a responsible adult. I'd rather have the funds there if she chooses to go to college than potentially have her not be able to go.
It's not so much that I want or need her to go. If she wants to go, I just want to be ready to pay for it.
For what it's worth, my parents paid part of my tuition and I was responsible for the rest. Any scholarships I got counted toward my half - so I had a big incentive to work hard and earn scholarships. I am very very grateful to my parents for what they contributed. We plan to have similar incentives in place for her.
I've also been saving for retirement since I was 21 - so it's just part of my personality to want to salt money away for the future. I'm not really organized - I'm paranoid.
I wish I were as "paranoid" as you, Frodis. I'd love to be that responsible and prepared for the future. *smooch*
There's always a way to go to college, they may have to take out more loans then they planned on... but it can be done.
Frodis, I think it's great what you're doing for her. I also believe she will grow up responsible because you did.
I worry about the generations coming up, the ones that have everything handed to them. How will they function when sent out in to the big bad world?
Breezy: I don't think you are an ogre at all. The only reason that we are doing it is because it is coming from an inheritance through Michael's mother. All of the other grandchildren are benefiting because of how things were done years ago, so we want to do it if we can.
I have had to put myself through, Michael didn't even go. We really hope Conner will get a sports scholarship. But I would like to be able to do something.
It's all moot anyway; she's going to be a super-genius and will be flooded with full-ride scholarship offers. Mr. Fro and I will send postcards to her dorm from each stop on the "College Fund World Tour."
I don't think you're an ogre, Breezy. I agree that kids shouldn't just be handed everything. It's just a matter of deciding what to provide and what to make them work for. I hope to be able to strike a good balance between both.
Maybe part of my problem is I'm jealous... I wish I had set up a fund like that for DD when she was born. :(
My parents paid for my college. I never appreciated it. I did not even want to go. That said we have not done anything for our kids yet. :( We save for retirement cause we heard if you can't afford to do college you should save for yourself first.
DH still is going to school and hopefully should finish this year. We have set up savings accoutn for the kids and put birthday and other gifts there.
My brother had a great plan for his 4 girls. If you get a completely full scholarship for all four years and graduate you get a car of your choice. Comes out cheaper. So far out of his 4 girls, 2 have gone to college and now have 2 cars. 3rd one graduates HS this year and she may get a full one to Yale!
Sorry to ramble on! I missed you!
get ready---she'll be in junior high like tomorrow. it FLIES by.
fwiw, we intend to pay for our boys' college--my parents did, his didn't. we just feel it's so important and we want them to have the opportunity. neither of us had any student debt (dh did the army and had a GI bill) and we felt blessed to never have to face paying back loans and such. we paid for our own tuition after we married, though. my parents were very clear--get married, you're on your own. flunk out--you're on your own.
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